Another banking crisis looms

Telegraph
"..The FSA document reports that UK banks need to find approximately £440bn by 2012 to replace maturing debt. This figure includes more than £300bn of funding provided under the Government’s Special Liquidity and Credit Guarantee Schemes. The Governor of the Bank of England, Mervyn King, has made it clear that these schemes will not be rolled over.As the FSA notes, that’s an awful lot of alternative funding that has to be found. But the problem may be much bigger. According to the Bank of England’s last Financial Stability Report, published in December, UK banks face a £1trillion funding timebomb. Or to put it another way, that’s around £1trillion of term money which matures over the next five years for which alternative funding has to be sought."